On Demand Webinar

Purchase Order Fundamentals

Webinar Details $219

  • Rated:
  • Webinar Length: 100 Minutes
  • Guest Speaker:   Kenneth Jones
  • Topic:   Taxation and Accounting, Purchasing
  • Credit:   CPE 2.0
All Access Membership

Purchase Orders can be a cause for much confusion and potential errors.  Join Kenneth Jones as he walks you through the Purchase Order process from A to Z and clears up common misconceptions and helps you avoid common pitfalls.  This program will start at the beginning of initiating a PO and go all the way through payments and delivery.  Walk away with a better understanding of the PO process, the best practices for working with POs and strategies that will help you avoid the errors that commonly occur in the PO process.

Your Benefits of Attending:

  • Understand how to initiate the PO process
  • Learn best practices for receiving orders
  • Gain knowledge of the proper payment procedures
  • Lean how to properly track deliveries and proactively avoid issues
  • Understand the online ordering process as it relates to POs
  • Gain a better understanding of the processes used with procurement cards
  • Walk away with the confidence to avoid the most common pitfalls presented by the PO process

Learning Objectives:

  • Drafting a PO
  • Learning payment terms
  • Learning tracking methods
  • Being aware of other internal stakeholders' requirements
  • Using alternate ordering methods i.e. online or procurement cards

Join Kenneth Jones as he walks you through the PO process from start to finish and helps you avoid the pitfalls.

  1. Introduction
  2. What is a Purchase Order? 00:01:45
  3. Initiating a Purchase Order 00:07:55
  4. Maintaining a Vendor Database 00:16:44
  5. Maintaining Internal Accounts 00:21:21
  6. Receiving Merchandise 00:26:18
  7. Payment of Invoices 00:31:38
  8. Tracking 00:35:44
  9. Keeping Records 00:42:05
  10. Creating a P.O. Document 00:44:52
  11. Creating a P.O. Cont’d. 00:49:46
  12. Creating a P.O. Cont’d. 00:53:03
  13. Delivery Dates 00:55:55
  14. Payment Terms 00:59:57
  15. Payment Terms Cont’d. 01:03:39
  16. Coding for Accounting 01:04:44
  17. Property Asset Tracking 01:06:01
  18. Terms & Conditions 01:09:12
  19. Authorized Signature 01:15:31
  20. Types of Purchase Orders 01:18:26
  21. Purchase Orders for Services 01:20:33
  22. Blanket or Standing Orders 01:24:10
  23. Confirming Purchase Orders 01:26:51
  24. Reimbursements 01:27:43
  25. No Order Payments 01:28:31
  26. Procurement Cards 01:30:01
  27. Online Electronic Orders 01:31:55
  28. Purchase Order Pitfalls 01:33:09
  29. Pitfall’s continued 01:35:36
  30. Questions & Answers 01:37:42
  31. Presentation Closing 01:48:16
  • Blanket Order 01:24:11
  • Change Order 00:04:05
  • INCO Terms 00:53:03
  • Invoice 00:31:43, 00:34:29, 00:52:39
  • P-Card 01:30:01
  • Purchase Order 00:01:47, 00:03:16
  • Purchase Requisition 00:08:06
  • Request for Proposal (RFP) 00:09:33
  • Vendor 00:16:47, 00:45:30, 00:52:37

Purchase Requisition: A purchase requisition is a document used as part of the accounting process to initiate a merchandise or supply purchase. By processing a purchase requisition, appropriate controls can monitor the legitimacy of a purchase, as well as identify the business need for the products.

Purchase Order: A legal contract between a buyer and a vendor. It lists the materials or services to be purchased on specified terms and conditions (quantity, price / pricing conditions, delivery date).

Vendor: A vendor is a person or business that supplies goods or services to a company. Another term for the vendor is the supplier. In many situations, a company presents the vendor with a purchase order stating the goods or services needed, the price, delivery date, and other terms.

Change Order: Once a requisition is approved changes cannot be made, however, users do have the ability to make some changes after a PO has been issued through the change order process. Managing changes to the Purchase Order requires a Change Order to modify the dollar amount, service dates, or update the chartstrings.

Request for Proposal (RFP): A request for proposal (RFP) is a document that solicits proposal, often made through a bidding process, by an agency or company interested in procurement of a commodity, service, or valuable asset, to potential suppliers to submit business proposals.

Invoice: An invoice, bill or tab is a commercial document issued by a seller to a buyer, relating to a sale transaction and indicating the products, quantities, and agreed prices for products or services the seller had provided the buyer. Payment terms are usually stated on the invoice.

P-Card: A PURCHASING CARD (also abbreviated as PCard or P-Card) is a form of company charge card that allows goods and services to be procured without using a traditional purchasing process. In the UK, purchasing cards are usually referred to as procurement cards

INCO Terms: INCO Terms are internationally accepted commercial terms defining the respective roles of the buyer and seller in the arrangement of transportation and other responsibilities, and clarify when the ownership of the merchandise takes place. They are used in conjunction with a sales agreement or other method of transacting the sale.

Blanket Order: A blanket order, blanket purchase agreement or call-off order is a purchase order which a customer places with its supplier to allow multiple delivery dates over a period of time, often negotiated to take advantage of predetermined pricing.


Guest Speaker

  • Kenneth Jones

ISM Credit

Institute of Supply Management

This program may be used for Continuing Education Hours (CEH) toward recertification for programs offered by the Institute for Supply Management®, including the Certified Professional in Supply Management® and Certified Professional in Supplier Diversity®.

CPE Credit

Continuing Professional Education

Aurora Training Advantage is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its website: www.nasbaregistry.org.

For more information regarding administrative policies such as complaint and refund, and cancellation please contact our offices at 407-542-4317 or training@auroratrainingadvantage.com.

You must answer all questions during the webinar, view the recording completely and pass the test at the end with 70% correct answers to receive CPE credit.